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How Different Would California Be?

An initiative backers hope will make a future ballot has the potential to change the state's budget process in big ways. Question is, will the outcomes be good or bad? Per the language (.pdf), it would "bring democracy to the California legislature by ensuring that all legislative actions on revenue and budget must be determined by a majority vote" because "the current 2/3 vote requirement for revenue and budget allows 33.4% of either the Assembly or Senate to block the will of the majority, which violates an essential tenet of democracy."
The initiative is currently under review of the Attorney General's office, awaiting a title and summary before it can be circulated for signature gathering. If enough registered voters sign the petition, it would be placed on a future ballot.